A market rotating toward cash-flow durability and away from premium-multiple growth is not a correction — it is a repricing, and it matters for any equity held on a structural narrative alone.
Nvidia's post-earnings selloff anchored a 1.33% decline in Technology, the worst sector on the day, while Financials, Communication Services, and Real Estate led five sectors into positive territory, leaving the tape split rather than broken.
Since the last briefing
No prior position is on record for this committee. Today we open with a tape that is net negative on breadth — five of twelve sectors higher — but constructive on rates, where the entire curve has rallied meaningfully since January 28.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.